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Soybean futures closed 3 cents higher to 3/4 cents lower, with May16 beans up 34 cents on the week. Nov16 beans were up 84 1/4 cents for the month. Drier Argentinean forecasts pressured the market ahead of the weekend, but a significantly weaker USD helped the front four contracts record daily gains. Soybean harvest in Argentina is currently estimated to be 24% finished, compared to the 2015 pace for this week of 62%. US planting progress is estimated to be 9 to 10% complete as of this coming Sunday night, up from the previous five year average of 6%. The official USDA figure will be released Monday afternoon at 3 PM CDT. Per the CFTC report this afternoon, managed money increased their net long position during the week ending April 26 by 24,715 contracts.
May 16 Soybeans settled at $10.21, up 3 cents,
Jul 16 Soybeans settled at $10.29 3/4, up 2 1/4 cents,
Aug 16 Soybeans settled at $10.30 1/2, up 2 cents,
Nov 16 Soybeans settled at $10.07 3/4, down 3/4 cent,